Argentina joins China’s Belt and Road Initiative

China’s Belt and Road Initiative was launched in 2013

Argentina is to work with China on the Belt and Road initiative, known as the world’s biggest infrastructure investment scheme.

Argentina’s President Alberto Fernandez and China’s Development Commission (CDC)  have signed an Memorandum of Understanding (MoU) on the Belt and Road initiative, as well as other key areas, such as agriculture.

“This strategic decision will allow the national government to sign different agreements that guarantee financing for investments and works for more than $23.7 billion,” Argentina’s government said.

The Belt and Road initiative is a key part of the Chinese government’s plans to increase trade routes connecting China and the rest of the word, as well as exert political power and secure business for Chinese construction manufacturers and contractors.

The EU recently announced what has been described as a rival scheme.